Nuclear Power Plant and Equipment Market to Hit $49,038 million by 2025| Business Development Strategies by Key Players
Nuclear power is the energy produced by power plants by obtaining heat from the fission of uranium fuel in a nuclear reactor. This energy is further utilized for generating electricity through turbines. A nuclear power plant houses pumps, valves, steam generators, turbines, electric generators, condensers, and analogous equipment, similar to a large coal-fired power plant. It excludes the reactor, which plays the role of a boiler in a fossil-fuel power plant.
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Based on reactor type, the market is segmented into high temperature gas-cooled reactor (HTGR), pressurized water reactor (PWR), boiling water reactor (BWR), pressurized heavy water reactor (PHWR), fast breeder reactor (FBR), and others. Pressurized water reactor (PWR) is the most lucrative reactor type segment in the nuclear power plant and equipment market owing to their stability at higher temperature, which makes the reactor easier to operate from a stability standpoint.
Based on equipment type, the nuclear power plant and equipment market is bifurcated into island equipment and auxiliary equipment. The auxiliary equipment segment is projected to exhibit highest growth, as it plays a crucial role in operational safety and has a wide range of applications in a nuclear plant. Furthermore, the general performance of auxiliary equipment deteriorates with time, which in turn affects its efficiency. Thus, need to replace the equipment further fuels the demand for auxiliary equipment in a nuclear power plant.
Furthermore, countries in Europe, such as Italy, Albania, Serbia, Croatia, Portugal, Norway, Poland, Belarus, Estonia, Latvia, Lithuania, Ireland, and Turkey are planning or starting nuclear power programs, among which Turkey is all set to construct its first nuclear power plant. The power shortages in Asia-Pacific and widespread air pollution issues have encouraged countries to look for clear energy source such as nuclear energy. China and India are the major countries contributing to the growth of the nuclear power plant and equipment market in Asia-Pacific.
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The major players profiled in this nuclear power plant and equipment market study include Shanghai Electric Group Co., Ltd., Mitsubishi Heavy Industries, Ltd., Larsen & Toubro Limited, BWX Technologies, Inc., Dongfang Electric Corp. Ltd., ROSATOM (ROSATOM State Atomic Energy Corporation), Toshiba, Doosan Corporation, Korea Electric Power Corporation, and General Electric.
Key Finding of the Nuclear Power Plant and Equipment Market :
The pressurized water reactor (PWR) segment accounted for nearly two-thirds share in the nuclear power plant and equipment market in 2017.
The auxiliary equipment segment is anticipated to grow with the highest CAGR of 3.9% during the forecast period.
Asia-Pacific is anticipated to grow at the highest rate in the nuclear power plant and equipment market during the forecast period.
North America occupied nearly one-seventh share in the global market in 2017.
In 2017, Europe and Asia-Pacific collectively accounted for more than three-fourths of the global nuclear power plant and equipment market, in terms of value. This is attributed to the growth in inclination toward nuclear energy.
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